B&M European Value Retail reports 10.1% revenue increase in FY24

The increase was due to volume growth, positive LFL performance, an additional trading week and the early date of Easter.

Jangoulun Singsit April 16 2024

British variety store chain B&M European Value Retail has announced a revenue increase of 10.1% for the fiscal year 2024 (FY24), reaching £5.5bn ($6.8bn).  

In its FY24 post-close trading statement, the group attributed the growth in part to robust volume expansion and a positive like-for-like (LFL) performance and in part to an additional week of trading and the early timing of Easter in 2024 - a factor which will not recur in fiscal 2025.  

B&M UK contributed £4.41bn to the total revenue, while B&M France added £514m. 

In the fourth quarter - the 14 weeks ending on 30 March 2024 - LFL sales for B&M UK rose by 2.9%, propelled by strong volume sales in both fast-moving consumer goods and general merchandise.  

B&M UK LFL sales for the full year were up by 3.7%, driven by an increase in customer transactions. 

The group's adjusted earnings before interest, taxes, depreciation and amortisation for the fiscal year ending 30 March 2024 are expected to hit £629m, aligning with the upper end of the forecasted range of £620m to £630m.  

This represents a 9.8% increase from fiscal 2023 and an 83.9% surge from fiscal 2020. 

B&M's strong operating cash flow and a clean inventory exit position have led to a leverage ratio below x1.2, down from x1.3 in fiscal 2023.  

This financial stability was maintained even after the payment of a £201m special dividend in February 2024. 

In the UK market, B&M has exceeded its store opening targets, launching 47 new stores, which includes the successful integration of acquired Wilko stores.  

B&M chief executive Alex Russo said: "The group has performed well in the year, delivering strong operational execution. We serve our customers through a relentless focus on everyday low prices, great product ranges and excellence in operational standards.  

“This delivers profitable, cash-generating growth for our shareholders. The business and team are well set up for the year ahead, our pipeline remains on track to open not less than 45 UK B&M stores in each of the next two financial years and our French and Heron businesses continue to demonstrate significant profitable growth potential." 

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